x

Unknown whale investor secretely moves N216trn worth of Bitcoin

An unknown whale investor secretly moves $432million worth of Bitcoin in block 716,573 some hours ago, at a time when Bitcoin is trading at $47K.

Once again, the pioneering crypto has been dominated by large entities, with increasing volatility due to price uncertainty.

According to Nairametrics, using Bitcoin Block Bot, an advanced analytical tracker, we can see that a whale suddenly moved $432 worth of Bitcoin in block 716,573 some hours ago, at a time when Bitcoin is trading at $47K.

Whale investors (those who own $10 million or more in BTC) usually send cryptocurrency from exchanges when they plan to hold the cryptocurrency for an extended period of time.

The online Newspaper also reported that

It’s unlikely that this Bitcoin whale is looking for liquidity since this transaction was not sent to an exchange. Rather, they might be transferring this to another wallet for security reasons.

The risk of theft is higher when storing large amounts of money on exchanges, as exchange wallets are the most popular targets for cryptocurrency thieves.

Thus, as these entities accumulate Bitcoin, its circulating supply is reduced, which pushes its price arbitrarily north.

With its current demand factored in, it is possible for BTC’s price to increase as its supply approaches 21 million in the future. It isn’t faring as poorly as it did during past drawdowns, but Bitcoin’s gains for 2021 remain impressive. In comparison to other swoons, it’s experienced, its 30% drop isn’t as dramatic.

At its low, Bitcoin was down more than 50% in mid-2021, which is even worse than the average decline from a record.

In a classic case of “crypto-to-the-moon” thinking, many investors expect prices to recover and eventually reach new heights in the future. Market volatility suggests this could happen either way.

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalist As...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

2025 Ballon d’Or: 3 PSG Stars Emerge as Top Contenders Ahead of Lamine Yamal, Raphinha

Paris Saint-Germain’s historic UEFA Champions League triumph has positioned...

Daniel Etim-Effiong Shares How Rejection Led Him to Marry His Wife, Toyosi

Nollywood actor Daniel Etim-Effiong has revealed that he married...

UNODC: Boko Haram Recruited 1,385 Children Between 2017 and 2019

The United Nations Office on Drugs and Crime (UNODC)...

Eid-el-Kabir: FG Declares Friday, Monday Public Holidays

The Federal Government has declared Friday, June 6, and...

JUNE 12 NASS JOINT SESSION WITH MR. PRESIDENT: AN AGENDA

BY PATRICK WEMAMBU Nigeria's 10th National Assembly comprising the Senate...

Top 10 Best-Performing Nigerian Stocks in May 2025

The Nigerian stock market saw a strong bullish run...

Ododo Tasks Officials on Grassroots Engagement, Local Patronage as Kogi Clears N98.8bn Debt

Noah Ocheni The Kogi State Executive Council has reaffirmed its...
spot_img

Related Articles

Popular Categories

spot_imgspot_img